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Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

New Delhi: The <keyword id="21833060" type="General" weightage="20" keywordseo="Fintech-ecosystem" source="keywords">Fintech ecosystem</keyword> of the country now cumulatively valued at over USD 100 billion, is at a pivotal stage of evolution, with the potential to create two to three times its current value over the next decade, as per a report by <keyword id="20058186" type="General" weightage="20" keywordseo="BCG" source="keywords" meta.keywordsubtype="org" meta.entityname="BCG" meta.hostid="269" meta.entityid="BCG">BCG</keyword> and Z47. The report highlighted that India remains one of the top three global Fintech destinations, with the ecosystem witnessing exponential growth across all levels. It added that over the past four years, the number of <keyword id="22974213" type="General" weightage="20" keywordseo="Minicorns" source="keywords">Minicorns</keyword> (valuation at least USD 1 million but less than USD 1 billion) in the country has increased by 3.5 times, while the number of <keyword id="19944451" type="General" weightage="100" keywordseo="Unicorns" source="keywords">Unicorns</keyword> and Soonicorns (startup that is growing quickly and has the potential to become a "unicorn" valued at USD 1 billion) has tripled. The report noted that in 2023, the country's Fintech market achieved a revenue size of USD 25 billion, marking a 56 per cent year-on-year growth which is a remarkable contrast to the global Fintech growth rate of just 13 per cent during the same period. However, the report also added that despite generating over USD 100 billion in value within the last decade, Indian Fintechs are still considered to be in the "middle" phase of their development, especially when compared to traditional incumbents who have created USD 600 billion+ in value over 30 to 50 years. The report mentioned that now the growth and the further expansion of the fintech ecosystem in the country is expected to come from the Tier 2 cities where majority of the Indian population resides. "With 63 per cent of the Indian population outside the top cities, huge opportunity exists to serve Bharat with next wave of penetration expected to come from Tier 2 cities" the report added. As Fintechs mature, profitability has become a central focus across the sector, with over 40 per cent of founders and CXOs (Chief Experience Officers) prioritizing unit economics alongside market expansion. Those preparing for or currently undergoing the IPO process are increasingly emphasizing governance, investment in infrastructure, and security. The report noted that in a recent survey of over 60 executives from top Fintechs, the majority cited market share expansion and growth as key priorities, especially for early and growth-stage companies. Post-IPO stage Fintechs, however, are placing greater emphasis on profitability and investments in technology, infrastructure, and security. "Mature Fintechs preparing for or in the IPO journey are emphasizing governance, investment in infrastructure, security Across survey of 60+ Executives of top Fintechs, market share expansion &amp; growth emerged as priorities for early and growth stage" added the report. Notably, the report stated that the profitability outlooks are improving year-on-year across all segments, with Neobank and InsurTech showing the most significant positive shifts since 2022. However, the industry is not without its challenges, particularly in the realm of cybersecurity. Over the past two decades, more than USD 20 billion has been lost to cyber and digital attacks.

Minicorns, Unicorns tripled in USD 100 billion Indian fintech ecosystem: BCG, Z47

My flight was delayed by over 3 hours. The carrier did not compensate for it. Here's how it unfolded

<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> Deputy Governor <keyword id="19918795" type="General" weightage="20" keywordseo="Swaminathan" source="keywords">Swaminathan</keyword> J on Wednesday said implementation of <keyword id="22784242" type="General" weightage="100" keywordseo="risk-based-premium" source="keywords">risk-based premium</keyword> for <keyword id="20132734" type="General" weightage="20" keywordseo="deposit-insurance" source="keywords">deposit insurance</keyword> merits consideration as it will ensure that institutions with higher risk profiles contribute more to the insurance fund. Speaking at a conference in Jaipur, he also said that as the financial sector becomes more digitised, deposit insurers must work closely with regulators and supervisors to strengthen oversight mechanisms. This includes regularly updating <keyword id="19946068" type="General" weightage="20" keywordseo="regulatory-frameworks" source="keywords">regulatory frameworks</keyword> to incorporate emerging risks associated with <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword>, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword>, and <keyword id="22180855" type="General" weightage="20" keywordseo="fintech-innovations" source="keywords">fintech innovations</keyword>. By adopting a proactive stance, deposit insurers can help ensure that <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> under their purview are adequately prepared to manage these risks, thereby safeguarding depositor confidence. Swaminathan was addressing the International Conference of the International Association of Deposit Insurers- Asia Pacific Regional Committee (IADI-APRC) hosted by the Deposit Insurance Credit Guarantee Corporation (DICGC). He further said the implementation of risk-based premium for deposit insurance "merits consideration". "By tying insurance premiums to the level of risk posed by individual financial institutions, deposit insurers can incentivize banks to adopt stronger risk management practices. "This approach not only enhances the overall stability of the financial system but also ensures that institutions with higher risk profiles contribute more to the insurance fund," the deputy governor said. He also emphasised that deposit insurers can further mitigate technology risks by relying on supervisory rating assessments that incorporate evaluation of a financial institution's technological and operational resilience. By using these assessments as a basis for setting insurance premiums or determining intervention strategies, deposit insurers can ensure that their actions are informed by a comprehensive understanding of each institution's risk profile, Swaminathan added. The senior <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> official also asked deposit insurers to prioritise crisis preparedness and develop comprehensive contingency plans that account for technology-induced disruptions. This includes conducting regular stress tests and simulations to assess the potential impact of cyber incidents or fintech failures on financial institutions and the broader financial system, he said. The evolving technological landscape presents both significant challenges and opportunities for deposit insurers. By adopting a proactive, risk-based approach, including enhanced oversight, risk-based premiums, reliance on supervisory ratings, faster claim settlements, and industry collaboration, deposit insurers can effectively manage these risks, the deputy governor said.

Risk-based premium for deposit insurance merits consideration: RBI Deputy Governor Swaminathan

<ul><li>According to <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>, the <keyword id="19945816" type="General" weightage="20" keywordseo="fintech" source="keywords">Fintech</keyword> <keyword id="881153" type="General" weightage="20" keywordseo="self-regulatory-organisation" source="Orion">self regulatory organisation</keyword> (SRO-FT) would derive its strength from its membership, ensuring that it is truly representative of the <keyword id="6133582" type="General" weightage="20" keywordseo="fintech-sector" source="Orion">fintech sector</keyword>. </li><li>The <keyword id="19901291" type="General" weightage="20" keywordseo="sro" source="keywords">SRO</keyword> model enables a balance between regulation and innovation, which is especially critical in fast-evolving sectors such as fintech. </li><li>The SRO-FT is anticipated to function impartially, with credibility and responsibility under the supervision of the regulator. </li></ul>The Reserve Bank(RBI) of India has released a preliminary framework outlining general functions, governance standards, and eligibility requirements for the establishment of a self-regulatory organisation for FinTech firms (SRO-FT). The recognition of SRO-FTs would be determined by the quantity and characteristics of the applications received. According to the RBI, “The SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the fintech sector. Through comprehensive membership agreements that encompass a broad spectrum of industry players, the SRO-FT should gain the legitimacy and credibility to not only frame baseline standards and rules of conduct codes, but also to effectively monitor and enforce them.” Keeping up with technological progress “The RBI's move to establish an SRO framework is a game-changer in financial regulations, especially for digital lending and AI-driven innovation. This is a strong shift towards a collaborative, adaptive ecosystem. By integrating industry insights into regulation, we're ensuring that rules are practical and keep up with technological progress, fostering innovation and growth,” says <keyword id="20212226" type="General" weightage="20" keywordseo="adhil-shetty" source="keywords">Adhil Shetty</keyword>, CEO, BankBazaar, a financial marketplace. He adds that the SRO model enables a balance between regulation and innovation, which is especially critical in fast-evolving sectors such as fintech. This is not just about ensuring compliance; it's about creating a culture of integrity and ethical practices that are ingrained in the industry's DNA. The RBI's commitment to this collaborative approach is thus a significant step in developing a resilient financial ecosystem. Healthy and sustainable growth of the fintech sector “The creation of an SRO is seen as crucial in combating the influence of unscrupulous lenders, promoting ethical conduct, strengthening lending infrastructure, and formulating adaptable regulatory strategies,” says <keyword id="20212225" type="General" weightage="20" keywordseo="madhusudan-ekambaram" source="keywords">Madhusudan Ekambaram</keyword>, Co-founder and CEO, KreditBee, a personal loan app. The SRO-FT is anticipated to function impartially, with credibility and responsibility under the supervision of the regulator. Its primary goal is to contribute to the healthy and sustainable growth of the fintech sector, while also charting a smooth path to phased regulatory compliance when necessary. “This collaborative and participatory approach aligns with the RBI's overarching objective of fostering a resilient and sustainable financial ecosystem, emphasising ethical behaviour and transparency,” says Ekambaram. The SRO-FT is thus expected to play a pivotal role in shaping the course of digital lending in India by ensuring the adoption of responsible practices and maintaining integrity within the industry.

Fintech SRO aims to enhance credibility of sector, promote ethical conduct

Mumbai, The <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> on Monday released a 'draft framework for recognising <keyword id="20198317" type="General" weightage="20" keywordseo="self-regulatory-organisations" source="keywords">Self-Regulatory Organisations</keyword> (SRO) for <keyword id="19942953" type="General" weightage="20" keywordseo="fintech-sector" source="keywords">FinTech Sector</keyword>', laying down the characteristics of a <keyword id="19945816" type="General" weightage="20" keywordseo="fintech" source="keywords">FinTech</keyword> SRO, and includes the required functions and governance standards. FinTechs are significantly reshaping the landscape of financial services by streamlining processes, improving accessibility, and reducing costs. Achieving a healthy balance between facilitating innovation by the industry on the one hand, and meeting regulatory priorities in a manner that protects consumers and contains risk, on the other, is crucial to optimising the contribution of the FinTech sector, the RBI said. "Self-regulation within the FinTech sector is a preferred approach for achieving the desired balance," the central bank stated. According to the RBI draft framework, the SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the FinTech sector. Through comprehensive membership agreements that encompass a broad spectrum of industry players, the SRO-FT should gain the legitimacy and credibility to not only frame baseline standards and rules of conduct codes, but also to effectively monitor and enforce them. The SRO-FT must be looked up to and accepted by the industry as the key body for setting market standards, defining rules of conduct and ensuring voluntary adoption of the common framework by its members, the RBI said. The framework also states that the SRO-FT should be development-oriented, actively contributing to the growth and evolution of the industry. This involves providing specialised knowledge and expertise, offering guidance, and contributing to capacity building through training programs, and prescribing minimum eligibility criteria for its members. Also, members should perceive the SRO-FT as a legitimate arbiter of disputes. This would require a transparent and fair resolution mechanism for disputes arising among members that instils confidence in the FinTech industry. By efficiently handling conflicts and grievances, the SRO-FT would contribute to a more stable and harmonious FinTech environment. A proactive <keyword id="20198316" type="General" weightage="20" keywordseo="sroft" source="keywords">SROFT</keyword> should be capable of motivating its members to align with regulatory priorities. This would involve facilitating communication between industry players and regulatory bodies, advocating for necessary changes, and promoting a culture of compliance. The SROFT, as its duty towards ensuring compliance, should be empowered to investigate and take disciplinary action against its members for non-adherence to codes/standards/rules. The RBI said comments from stakeholders and members of the public on the draft framework may be sent by end February 2024, through e-mail. The final framework will be issued taking into account stakeholder and public responses.

RBI releases draft framework for Fintech sector self-regulatory organisations

<keyword id="20459350" type="General" weightage="100" keywordseo="Indian-stock-markets" source="keywords">Indian stock markets</keyword> are experiencing robust growth as the number of <keyword id="19900618" type="General" weightage="20" keywordseo="investors" source="keywords">investors</keyword> rapidly increases. However, despite this surge, the number of active participants remains relatively low compared to the total registered users, though it has been rising steadily since March. According to a report by the National Stock Exchange (NSE), out of the 9.7 crore <keyword id="22721559" type="General" weightage="20" keywordseo="registered-investors" source="keywords">registered investors</keyword>, only 1.5 crore are active. The report highlights that active investors on the NSE surged by 13.9 % month-on-month, reaching 1.5 crore in June. This marks the third consecutive month of growth in active market users. The NSE report shows that the number of individuals trading at least once a month grew by 13.1% in June, compared to May, reflecting a strong trend in <keyword id="21427519" type="General" weightage="20" keywordseo="market-participation" source="keywords">market participation</keyword>. "The number of individual investors who traded at least once in June increased across regions. This individual investor base rose by 13.9 % month-on-month to reach 1.5 crore in June 2024," the report noted. It also points out that there has been a steady rise in active domestic investors after a decline earlier in the year, particularly in March. As of June, the number of active domestic market investors on the NSE from the top 10 states--Maharashtra, Gujarat, <keyword id="19894922" type="General" weightage="20" keywordseo="uttar-pradesh" source="keywords">Uttar Pradesh</keyword>, West Bengal, Rajasthan, Karnataka, Delhi, Tamil Nadu, Madhya Pradesh, and Haryana--stood at 1.2 crore. Maharashtra led the increase in June, significantly contributing to the new and active investor base in the stock markets. "Following a decline in March 2024, the count of individuals who traded at least once has been on a steady rise, increasing by 13.1% month-on-month to 1.2 crore for the top 10 states in June 2024," the NSE report stated. The report also noted a year-on-year growth in the number of registered investors. The total number of registered users reached 9.7 crore at the end of June, up from approximately 7.6 crore the previous year. "The total number of registered investors stood at 9.7 crore at the end of June, up from around 7.6 crore at the same time last year," the report added. Region-wise, Southern and Eastern India saw significant increases, with active investor bases rising by 16.8 % month-on-month to 29.1 lakh and 15.6 % month-on-month to 16.7 lakh, respectively. The Northern and Western regions also experienced growth, with investor bases reaching 55 lakh and 56 lakh, respectively, in June 2024. <h2>Nifty on the rise</h2>The <keyword id="20641216" type="General" weightage="20" keywordseo="Nifty-50" source="keywords">Nifty 50</keyword> index began on April 22, 1996, with a starting value of 1136.28 points and has recently crossed 25,000 points, marking a growth of nearly 22 times. In less than four years from its inception, the index climbed to 1592.90 points, showcasing early signs of its potential. By December 2, 2004, just before the start of 2005, the Nifty 50 achieved a historic milestone by crossing the 2000-point mark, setting the stage for further growth amid challenges. The global financial crisis of 2008 tested the resilience of the Indian stock market. At the start of the year, the Nifty 50 was trading around 6,300 points, but by the end of 2008, it had plummeted to 2,500 points, reflecting the global economic turmoil. Despite this setback, India's <keyword id="20172097" type="General" weightage="20" keywordseo="financial-sector" source="keywords">financial sector</keyword> demonstrated remarkable strength. By December 31, 2009, less than a year after the crisis, the Nifty 50 had rebounded to 5,200 points. In September 2010, the Nifty index again reached the 6,000-point mark after a gap of over two years, marking a significant recovery. As 2014 began, the index was around 6,300 points, but by the end of the year, it had surged past 8,000 points, fuelled by optimism surrounding the new single-party majority government at the centre. A major milestone was achieved on July 25, 2017, when the Nifty 50 hit the 10,000-point mark, coinciding with the implementation of the Goods and Services Tax (GST), a landmark reform in the Indian indirect tax structure. The market faced another significant challenge with the onset of the COVID-19 pandemic in early 2020. The Nifty 50, which had been trading around 12,000 points in January 2020, fell dramatically to about 7,500 points by March 2020. This sharp decline was one of the most significant losses for the index in a short span. Nevertheless, the resilience of the Indian stock market was evident, as the Nifty 50 began its recovery as the pandemic subsided. The recovery was swift and robust. By 2021, the Nifty 50 surpassed the 15,000-point mark, and the rally continued unabated. On August 1, 2024, the index achieved a new milestone, reaching 25,000 points. The Nifty 50 hit the 20,000-point mark for the first time on September 11, 2023, and took 221 trading days from that level to reach 25,000 points on August 1, 2024. This journey from the early days of 1136.28 points to the recent milestone of 25,000 points underscores the evolution of the Indian financial sector and its integral role in the country's economic development. Commenting on the Nifty's journey, Ajay Bagga, Banking and Market Expert, stated that "the journey of the Nifty reflects the growth of the Indian economy and various sectors. When the Nifty was created in the mid-1990s, the top companies were very different, from very different sectors. In these three years, IT, Pharma, Real Estate, Autoancillaries, and Telecom have emerged as new sectors with significant shares in the Nifty market cap. Going ahead, in the decades to come, there will again be a sectoral rotation as e-commerce, artificial intelligence, fintech and health tech companies rise to prominence."

Markets hit new milestones, robust surge in active traders as investor numbers soar

Both venture capital (VC) investment and the number of VC deals grew in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> in the first quarter (<keyword id="20501879" type="General" weightage="20" keywordseo="Q1" source="keywords">Q1</keyword>) this year, from $1.6 billion across 313 deals (Q4, 2023) to $3.2 billion across 354 deals in Q1 2024, a report showed on Monday. <keyword id="19945816" type="General" weightage="20" keywordseo="Fintech" source="keywords">Fintech</keyword> continued to attract good attention, although at smaller deal values, according to the 'KPMG Private Enterprise Venture Pulse' report. "As expected, India has seen an uptick in <keyword id="21390504" type="General" weightage="20" keywordseo="VC-investments" source="keywords">VC investments</keyword> despite the deal activity being muted in Asia," said Nitish Poddar, Partner and National Leader, Private Equity, KPMG in India. "This will only increase in the coming quarters given our robust GDP growth, strong demographics and expectation of stable government at the Centre. AI, power tech, health tech and agritech are some key sectors to watch out for," he added. Meanwhile, global VC investment fell slightly from $83.8 billion across 9,458 deals in Q4 2023 to $75.9 billion across 7,520 deals in Q1 this year amid geopolitical tensions, the extended drought in exits among VC-backed companies, and a continued pullback in investment at later deal stages. VC investment dropped in both the Americas and Asia this quarter, while it rose in Europe, the report mentioned. The Americas accounted for almost half of global VC funding in Q1 ($38.2 billion across 3,205 deals) - with the US accounting for the vast majority of this amount ($36.6 billion across 2,882 deals). Meanwhile, Asia-Pacific attracted $18.9 billion across 2,305 deals, while Europe saw $17.9 billion across 1,798 deals, the report said. "Given how dry the exit environment has been for the last 18 months, it's no surprise VC investors are being very conservative in their deal-making right now," said Conor Moore, Global Head, KPMG Private Enterprise, KPMG International. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a><a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank">Telecom companies may hike tariffs by up to 17% after the general elections, predict analysts</a>

VC investments, deals grew in India in Q1 despite fall in global activity: Report

<keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">Foreign institutional investors</keyword> have turned bullish on the <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword> and telecom sectors. The <keyword id="21243793" type="General" weightage="20" keywordseo="NSDL-data" source="keywords">NSDL data</keyword> for the second half of June 2024, suggests that FIIs and have bought shares worth over Rs 8,162 crore in the financial services sector and shares worth Rs 6208 crore in the telecom segment. In the first half of June they have invested Rs 1008 crore in the financial services sector and Rs 1736 crore in the telecom. The <keyword id="19949396" type="General" weightage="20" keywordseo="Indian-equity-market" source="keywords">Indian equity market</keyword> witnessed a significant boost in the latter half of June 2024, with FII reaching Rs 29,628 crore from June 16- 30. This influx of foreign capital highlights the growing confidence of international investors in India's economic prospects and its market potential. The investment influx was led by substantial contributions across key sectors, demonstrating the diversified interest of foreign investors in the Indian economy The financial services sector attracted the highest investment, with FIIs pouring in Rs 8,162 crore. This substantial inflow reflects investor confidence in India's robust banking system, burgeoning fintech landscape, and the resilience of the financial sector amidst global economic uncertainties. Telecommunications sector received the second-highest investment, amounting to Rs 6,208 crore. The sector's growth is driven by increasing mobile and internet penetration, advancements in 5G technology, and the expansion of digital infrastructure. This investment highlights the sector's critical role in India's digital transformation. The consumer services sector saw <keyword id="19895633" type="General" weightage="20" keywordseo="investments" source="keywords">investments</keyword> totaling Rs 3,097 crore, indicating robust investor interest in India's domestic consumption story. The sector encompasses a wide range of services, including retail, e-commerce, and hospitality, which have been experiencing significant growth due to rising consumer spending and changing lifestyles. The capital goods sector attracted Rs 2,929 crore in investments, reflecting a positive outlook on India's manufacturing and infrastructure development. Investments in this sector are crucial for enhancing the country's industrial capabilities and supporting the 'Make in India' initiative, which aims to transform India into a global manufacturing hub. The healthcare sector received Rs 2,886 crore, underscoring the growing importance of medical infrastructure, pharmaceuticals, and biotechnology. FIIs bought Rs 2054 crore in auto, Rs 1578 crore in IT, Rs 1475 crore in construction materials, and Rs 1048 crore each in oil &amp; gas, consumer durables, and chemicals stocks. Meanwhile, foreign investors remained net sellers in power, metals, and FMCG stocks. In June, they sold around Rs 2439 crore in power, Rs 1128 crore in metals, and Rs 677 crore in FMCG. In May, FIIs had sold Rs 2439 crore in power, Rs 1128 crore in metals, and Rs 677 crore in FMCG sectors. The increased FII in India comes amid global economic uncertainties, including inflationary pressures, fluctuating commodity prices, and geopolitical tensions. Despite these challenges, India's economic fundamentals, including a stable macroeconomic environment, strong growth outlook, and investor-friendly policies, have made it an attractive destination for foreign investors. 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FII's bullish on financial services and telecom segment as per June 2024 NSDL data

<ul><li>In the <keyword id="6356925" type="General" weightage="20" keywordseo="bfsi" source="Orion">BFSI</keyword> segment, <keyword id="2461546" type="General" weightage="100" keywordseo="fintech" source="Orion">fintech</keyword> firms lead the way with a 41% increase in their <keyword id="6357342" type="General" weightage="20" keywordseo="hiring" source="Orion">hiring</keyword> intent. </li><li>To stay competitive, companies need to foster a culture of innovation and agility, which encourages employees to experiment with new ideas and technology.</li><li>By 2023, the gap between the best workplaces and other workplaces has increased to 5%, making the adoption of best workplaces practices even more crucial.</li></ul>The <keyword id="6354778" type="General" weightage="20" keywordseo="banking" source="Orion">Banking</keyword>, Financial Services and Insurance (BFSI) sector is projected to witness a strong surge in hiring activities in the next year, with companies planning to hire 26% more employees than the current year. Fintech firms, in particular, lead the way with a 41% increase in their hiring intent, showcasing the rapid growth and impact of the industry in India's 1financial landscape, according to the Best Workplaces in BFSI in 2023 report by Great Place To Work. The fintech companies are followed by the Non-Banking Financial Companies (NBFCs) with a 27% increase, Insurance with 21%, and Banking/Credit Services with 15% more hiring prospects. Additionally, companies across the BFSI spectrum are showing increased interest in evaluating and improving their workplace culture, with a notable 12% rise in this aspect compared to the previous year, highlighting a commitment to creating a positive work environment for employees. <cmsannotation type="cmsannotation" annotationid="Employee experience differs across verticals" comment="subhead" text="Employee experience differs across verticals"><keyword id="3315184" type="General" weightage="20" keywordseo="employee-experience" source="Orion">Employee experience</keyword> differs across verticals</cmsannotation> Advancements in technology have led to increased opportunities for consumers to conduct transactions across various sectors on a single platform, blurring the lines between industries. The evolving landscape is characterised by government support, domestic demand, and technological progress. Amidst these changes, the focus on people-centricity remains consistent. Employees are now seen as enablers and facilitators in this dynamic environment, leading to a heightened emphasis on workplace culture. Over the past four years, the overall employee experience in the BFSI industry has seen a positive increase of 5 points, moving from 79 to 84. This improvement has resulted in the industry securing the 5th position in terms of employee experience when compared to other sectors. However, banking and credit companies have seen a decline in experience, while fintech companies have focussed on cultural assessment. Life insurance companies have come out on top when it comes to employee experience. <cmsannotation type="cmsannotation" annotationid="The need to adopt best workplace practices" comment="subhead" text="The need to adopt best workplace practices">The need to adopt best workplace practices</cmsannotation> By 2023, the gap between the best workplaces and others has increased to 5%, making the adoption of best workplaces practices even more crucial. Notably, the BFSI industry has experienced a significant rise of 9% in leadership behaviours associated with impartiality and active involvement in decision-making over the past four years. This indicates a growing focus on fairness and inclusivity within the industry. Says Yeshasvini Ramaswamy, CEO, Great Place To Work India, “The BFSI sector in India is one of the most important pillars of the country's economy. The industry is witnessing significant growth due to increased digitization and government initiatives to boost financial inclusion. To stay competitive, companies need to foster a culture of innovation and agility, which encourages employees to experiment with new ideas and technology.” The increased hiring within the sector highlights its resilience and contribution to economic recovery and employment generation in India.

Fintechs show strongest hiring intent in BFSI sector, focus on improved employee experience

<ul><li>India's real GDP grew at around 8.2% in real terms in Fy24: Economic Survey </li><li>Retail inflation dipped to 5.4% in FY24, notes Economic Survey</li><li>Unemployment dipped to 3.2% in FY24</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the union budget on 23rd July, at 11 am. The budget session is scheduled to last between 22nd July and 12th August. This will be <keyword id="19956941" type="General" weightage="20" keywordseo="FM-Sitharaman" source="keywords">FM Sitharaman</keyword>'s seventh consecutive budget presentation under the third term of <keyword id="20205025" type="General" weightage="20" keywordseo="Bhartiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bhartiya Janata Party" meta.hostid="261" meta.entityid="Bhartiya Janata Party">Bhartiya Janata Party</keyword> (BJP). All budget-related documents will be available at indiabudget.gov.in. You can watch the presentation live on Doordarshan, Sansad TV, and also on various official government YouTube channels. With this budget, Sitharaman will only precede former PM <keyword id="20342248" type="General" weightage="20" keywordseo="Morarji-Desai" source="keywords">Morarji Desai</keyword>, who has presented the highest number of budget (10) till date, followed by <keyword id="22330828" type="General" weightage="20" keywordseo="P-Chidambaram" source="keywords">P. Chidambaram</keyword> with 9 budgets, and Pranab Mukherjee, who has 8 budgets to his credit. In her recent address in parliament, Sitharaman noted that significant social and economic decisions will be a highlight of this budget. Notably, she concluded <keyword id="901788" type="General" weightage="20" keywordseo="pre-budget-consultations" source="Orion">pre-budget consultations</keyword>, which began on June 19th, on July 5th, where she met 20 invitees across 10 groups, including representatives from agriculture, skill development, finance and banking, energy, <keyword id="17408" type="General" weightage="20" keywordseo="Infrastructure" source="Orion">infrastructure</keyword> sector and more. <h2>Key expectations from Budget 2024</h2>Experts note that this budget will mainly focus on improving consumption, and boosting <keyword id="174143" type="General" weightage="20" keywordseo="infrastructure-development" source="Orion">infrastructure development</keyword>. Per reports, the government is also mulling raising the threshold of standard deduction under income tax regimes from the present Rs 50,000 to Rs 1 lakh. Additionally, to boost healthcare accessibility for the underserved in the country, the government is also contemplating to double the annual coverage offered under the <keyword id="20097876" type="General" weightage="20" keywordseo="Ayushman-Bharat-health-insurance-scheme" source="keywords">Ayushman Bharat health insurance scheme</keyword> from the present Rs 5 lakh to Rs 10 lakh over the next 3 years, along with also covering individuals aged over 70. Mr. Tashwinder Singh, CEO &amp; MD, Niyogin Fintech Limited, which offers credit to MSMEs, noted that upcoming regulatory changes should focus on simplifying compliance, taxation policies that encourage entrepreneurship, and incentivise innovations that drive R&amp;D investments. "We hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realize their vision. Furthermore, we look forward to relaxed norms for NBFCs, allowing them to contribute more substantially to the economy. These measures will collectively propel India's economic growth, boost job creation, and position the Indian fintech industry as a strong contender in innovation and entrepreneurship", he continues. As for bolstering green infrastructure and clean energy production, Ms Aditi Balbir, Co-founder, EcoRatings notes that the 2024 union budget should prioritize investments in sustainable infrastructure projects and clean energy solutions, as 70% of greenhouse gas emissions stem from energy, industry, and buildings. "This will create a future-proof foundation for economic growth and help in achieving net-zero targets. Infrastructure is crucial in addressing climate change and meeting diverse societal needs. A transformative overhaul of our current and future infrastructure assets is essential. The budget should introduce financial incentives, such as lower interest rates on loans and dedicated grants, for companies committed to ESG compliance. This will create a clear link between sustainability efforts and economic benefits", she continued. <h2>Focus on Agri-credit, Real Estate in Budget 2024</h2>The government could also raise the target for agricultural loans disbursed during the year by up to 25%, setting the target at Rs 25 lakh crore. The government will also have to revamp the MSP (minimum support price) system in this space, focusing on challenges such as narrow coverage, dipping export competitiveness, discouraging private investment in this space and more. Another area that demands significant attention is real estate. Shubhi Jain, Principal Partner &amp; Head of CRM, Square Yards anticipates significant reforms in the upcoming budget under the new government. Securing industry status will unlock a plethora of legal and administrative benefits, along with much-needed tax incentives. "Also, while government’s focus on affordable housing under PMAY is commendable, recalibrating strategies in light of escalating construction costs is imperative for sustained inclusiveness and effectiveness. Moreover, enhanced tax reliefs and increased deductions on home loans, currently capped at INR 2 lakhs, are pivotal in stimulating demand and supporting prospective buyers", she says. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Assistance for Nalanda's development as a tourist center" mstype="2" mssubtype="0"></div><h2>Short-term outlook positive, notes Economic Survey </h2>FM Sitharaman presented the Economic Survey 2023-24 in the parliament today, ahead of the budget. The survey noted that the Indian economy had managed to recover and expand in an orderly fashion post the pandemic, with the real GDP growing by 8.2% in FY24. Going ahead, prospects for continued strong growth in FY25 remain robust. India also managed to bring down its current account deficit (0.7% of GDP in FY24), while projecting a 7%+ growth rate in the medium term. On the employment front, the survey noted that AI might moderate India's services export growth by as much as 0.3 to 0.4 percentage points annually over the course of the next decade. As such, greater emphasis and focus is needed on areas like blockchain, artificial intelligence (AI), machine learning, Internet of Things, cybersecurity, cloud computing, big data analytics, augmented reality, virtual reality, 3D printing, and web and mobile development. The Indian labour market indicators have significantly improved over the past 6 years, with unemployment rates dipping to 3.2% in 2022-23. However, even as net payroll additions to EPFO have doubled over the last 5 years, signaling a healthy formal employment market, job creation and increasing women participation in workforce remain key areas of concern. For all updates and latest information related to the budget, don't forget to follow <a href="https://www.businessinsider.in/budget" data-type="tilCustomLink" target="_blank">Budget Insider</a>! SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: FM Sitharaman announces internships for 10 million youth in 500 top companies</a> <a href="https://www.businessinsider.in/budget/news/loan-limit-under-mudra-scheme-to-be-doubled-to-20-lakh-sitharaman/articleshow/111950024.cms" data-type="tilCustomLink" target="_blank">Loan limit under MUDRA scheme to be doubled to ₹20 lakh: Sitharaman</a>

Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?

Global mobility fintech startup <keyword id="20582833" type="General" weightage="20" keywordseo="moove" source="keywords">Moove</keyword> on Wednesday said it has raised $10 million in new debt funding from leading venture debt fund <keyword id="19952355" type="General" weightage="20" keywordseo="stride-ventures" source="keywords">Stride Ventures</keyword> to expand its <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> footprint. The fresh capital will be utilised to scale the Indian fleet to over 5,000 and expand into new markets including Delhi, Pune and Kolkata, the startup said in a statement. "Our vehicles have completed over 4.2 million trips, significantly impacting India's mobility sector. With the robust support of Stride Ventures, we stand on the cusp of transforming vehicle ownership nationwide, propelling our mission forward," said <keyword id="20582834" type="General" weightage="20" keywordseo="binod-mishra" source="keywords">Binod Mishra</keyword>, Regional Managing Director, India and South Asia, Moove. Gurugram-headquartered Moove has established its presence in Bengaluru, Mumbai and Hyderabad. "Our alliance with Moove is set to transform vehicle ownership accessibility throughout India, marking a significant leap towards social and economic advancement," said <keyword id="20582835" type="General" weightage="20" keywordseo="apoorva-sharma" source="keywords">Apoorva Sharma</keyword>, Managing Partner at Stride Ventures. Operating in nine markets across Africa, the Middle East, Europe and Asia, Moove has emerged as Uber's top vehicle supply partner in Europe, the Middle East and Africa (EMEA) and its largest global fleet partner. Currently, over 30 million trips have been completed in Moove-financed vehicles globally, said the startup. The company uses technology and productivity data to build an integrated, revenue-based vehicle financing platform for mobility entrepreneurs in emerging markets around the world who have limited or no access to a vehicle or vehicle financing. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/poco-oneplus-top-indian-smartphone-shipment-growth-but-overall-reading-flat/articleshow/107681294.cms">Poco, OnePlus top Indian smartphone shipment growth but overall reading flat</a> <a href="https://www.businessinsider.in/tech/mobile/news/seven-out-of-top-10-smartphones-sold-worldwide-in-2023-were-iphones/articleshow/107617907.cms">Apple domination: Seven out of top 10 smartphones sold worldwide are iPhones</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-february-2024/slidelist/107220575.cms">Samsung to Nothing – The upcoming smartphones hitting Indian market in February</a>

You Searched For "fintech sector" and got 12 results

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

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Fintech SRO aims to enhance credibility of sector, promote ethical conduct

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VC investments, deals grew in India in Q1 despite fall in global activity: Report

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FII's bullish on financial services and telecom segment as per June 2024 NSDL data

ANI

Fintechs show strongest hiring intent in BFSI sector, focus on improved employee experience

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Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?

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Mobility fintech startup Moove raises $10 mn to expand India footprint

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